Author: Lucy Akokotu

Best Tips to Keep Your Contactless Debit Card Safe
Contactless debit cards are changing how we make payments, bringing a new level of ease and speed to transactions. Here are practical tips on how to use and keep your contactless debit card safe for a smooth and secure transactions.

Key Takeaway
- Contactless debit cards use radio-frequency identification (RFID) for swift and contact-free transactions.
- Benefits of contactless debit cards include speed, enhanced security, hygienic transactions, real-time tracking, and additional perks like cashback rewards.
- Guarding your card, enabling notifications, setting spending limits, checking statements, and using additional security features to keep your contactless debit card safe.
- Utilizing mobile wallets and activating the lock feature add extra layers of security to contactless transactions.
What Are Contactless Debit Cards?

Contactless debit cards (having a symbol that looks like four expanding curved lines) are cards that let you pay for transactions by hovering or tapping your card near a compatible reader.

Beneath the plastic surface lies a powerful technology called radio-frequency identification (RFID). Unlike traditional chip-and-pin cards, contactless payment transactions are swift and don’t require physical contact with the terminal.

Benefits of Contactless Debit Card

1. Speed and Convenience

With contactless payments, your transactions become swift and hassle-free. No more fumbling for cash or inserting cards into machines – a quick tap is all it takes.

2. Enhanced Security

Contactless transactions are secured with advanced encryption technology, reducing the risk of card skimming and unauthorized access. Plus, you retain control of your card throughout the transaction.

3. Hygienic Transactions

Especially relevant to today’s world, contactless payments devices minimize physical contact, promoting a more hygienic payment experience. Say goodbye to handling cash and waiting for change.

4. Real-Time Tracking

Most contactless transactions appear in your banking app almost instantly. This real-time tracking empowers you to monitor your spending and budget more effectively.

5. Additional Benefits

Did you know your contactless card might offer perks like cashback rewards or exclusive discounts? Exploring any additional benefits your card provides will help you to make the most of your transactions.

What To Note Before Paying With Your Contactless Card

1. Locate the Contactless Symbol

Before attempting a contactless payment, ensure the merchant has implemented contactless payments and has point-of-sale terminal displaying the contactless symbol. It typically looks like four expanding curved lines. This ensures compatibility and a smooth transaction process.

2. Check the Transaction Limit

Contactless payments often come with a transaction limit. Before tapping away, know the contactless limit to avoid surprises, especially for larger purchases. For transactions above the limit, you may need to use the traditional chip-and-pin method.

3. Double Check Before Paying

Tap or hover your card to make payments. Check to confirm it’s the right amount you are paying before inputting your pin. Then, don’t forget to collect your e-receipt.

How to Use and Keep Your Contactless Debit Card Safe

1. Guard Your Card

Always be careful about where your debit card is. This might sound simple, but it’s often taken for granted. Act quickly if your card is lost or stolen by blocking it using your mobile app or contacting your service provider.

2. Enable Notifications

Activate real-time transaction notifications on your banking app to receive instant alerts for every contactless payment. This adds an extra layer of security. It’s like having a personal guard for your finances, allowing you to identify any suspicious activity promptly.

3. Set Spending Limits

Being able to set daily, weekly, or monthly spending limits ensures you stay within your financial boundaries. For instance, with the NowNow debit card, you can set a spending limit to receive alerts when you approach your spending threshold.

4. Regularly Check Your Statements

Stay vigilant by regularly reviewing your card statements. This habit helps you quickly identify any unauthorized or suspicious transactions, providing an additional layer of security to your contactless payments

5. Enable Additional Security Features

Some contactless cards offer additional security features, such as requiring a PIN for every few transactions. Check with your card issuer and enable these features to add an extra layer of protection to your contactless transactions.

6. Utilize Mobile Wallets

Consider linking your contactless card to a mobile wallet, such as the NowNow wallet, Apple Pay, Google Pay, or Samsung Pay. These platforms provide an added layer of security by using device-specific authentication methods, such as fingerprint or facial recognition.

7. Activate the Lock Feature

Enhance card security by activating the lock feature, adding an extra layer of protection to keep your contactless debit card safe and preventing unauthorized transactions.

8. Update Your Contact Information

Ensure that your bank has your current contact information, including your phone number and email address. In the event of any unusual activity on your contactless card, your bank can reach out to you promptly for verification.

Get the Advantages of a Contactless Debit Card with NowNow

When you pick NowNow as your online bank, you get more than just a contactless debit card. You get to securely pay with confidence anywhere you go. NowNow is a mobile app that makes your life easier when you want to send money, receive money and pay bills on your terms. Get NowNow mobile app on iOS and Android today!

Bottomline

By incorporating these tips into your daily life when using your contactless card usage, you can tap and pay with confidence. Stay informed, protect your information, and embrace the convenience of contactless payments as you navigate the evolving landscape of modern finance.
January 12, 2024
Implementing Contactless Payments in Your Business
As a small business owner, you may be wondering if contactless payments are just a trend or a valuable addition to enhancing your customers’ transaction experience. This guide will not only address your curiosity but also provide you with a step-by-step guide on how to implement contactless payments in your business.

Key Takeaways
- Contactless payments are a secure and hassle-free way for customers to make transactions using NFC or RFID technology, allowing them to tap their cards, phones, or devices without physical contact.
- Implementing contactless payments into your business, including assessing customer interest, researching options like NFC or QR codes, checking existing equipment, testing the system, training staff, and educating customers.
- Embracing contactless payments is a means to meet modern consumer expectations and position your business at the forefront of the retail revolution.
What Are Contactless Payments?

Contactless payments are a secure and convenient way for customers to pay for transactions without physically touching a payment device. Users can effortlessly make payments by tapping their contactless-enabled cards, mobile phones, Point-of-Sale, or other devices using Near Field Communication (NFC) or Radio-Frequency Identification (RFID).

Why Add Contactless Payments To Your Business?

The ability to embrace quick, simple, and secure payment systems plays a major role in determining whether your business will thrive, and contactless payments may play a role in that.

Again, a growing number of customers already prefer contactless payment methods such as wallets, tap and pay, and QR codes. Likewise, this is further backed by research from Jupiter research, forecasting contactless payment transactions will surpass $10 trillion by 2027.

Furthermore, as we enter 2024, businesses still struggling with managing inflation and other business challenges should strategize for growth, and integrating contactless payments might be the perfect starting point.

6 Steps To Implementing Contactless Payments In Your Business

Contactless payments enhance operational efficiency and customer experience at little or no extra cost. Here are six easy steps to implement these methods in your business:

1. Determine What Your Business Needs

Before delving into touchless payments, ask your customers if they are already paying via contactless payments elsewhere or if they are willing to try.

Also, consider the transaction volume and the types of products or services you offer. Indeed, if you decide it’s worth adding, then research your options – Near Field Communication (NFC) or Quick Response (QR) codes.

2. Check Your Current Business Equipment

Your POS system or mobile phone might already be able to accept contactless payments. Simply look for the Wi-Fi symbol (represented by three lines) to confirm. Reach out to your payment service provider on how to activate it (if the WIFI logo is there) or find out how you can integrate touchless payments into your existing POS device. NowNow offers contactless payments for businesses.

3. Testing and Feedback

Thoroughly test your contactless payment system before going live. Get feedback from your staff and select customers to fix any glitches to guarantee a flawless customer experience.

4. Training Your Staff

Educate your staff about contactless payments. Train them on how the technology works, security measures, and the likely questions to expect from customers.

5. Inform Your Customers

It’s important to let your customers know they can pay touch-free in your store. Create awareness by displaying contactless payment logos and placing in-store signage where they can easily see it. You can even promote it on your social media or websites. Lastly, ensure your store’s physical layout encourages a smooth, contactless-friendly experience.

6. Educate Your Customers

Some customers might be new to using contactless payments. Let your staff assist in showing them how to scan a QR code, Tap to pay, POS, or use their digital wallet. Educate them on the benefits, ease, and security of these transactions.

We can help

NowNow can help you accept payment easily, and receive instant payment alerts from your customers from POS, QR code stickers, TapTap contactless payments and mobile wallet for your business

Bottom Line

Overall, embracing contactless payments meets modern consumer expectations, positioning your business at the forefront of the retail revolution. Now that you know how to implement contactless payments in your store, get ready to watch your business flourish in the world of contactless convenience!
January 3, 2024
New Year Resolution Ideas To Live A Happy Life

As we prepare to enter a New Year, the excitement of a fresh start fills the air. It’s that time when we reflect on the past and set our sights on making the upcoming year even more amazing. New Year resolution ideas are a tradition, and in this blog post, I’ll share resolutions that can truly transform your life in 2024. Plus, I’ve included some proven tips to help you turn these resolutions into reality.

1. Embrace a Healthier Lifestyle

There’s a popular saying, “Health is wealth.” Let 2024 be the year you invest in your well-being. until it becomes critical. You can choose to cultivate habits that contribute to your health and general well-being as one of your new year resolutions ideas to work focus on.

Start making little changes like adding more fruits and vegetables into your diet and prioritizing a good night’s sleep. Then, gradually work your way up to doing physical activity like regular exercise and losing weight. Your future self will thank you!

2. Save Money and Budget Wisely

Finances play a crucial role in our lives, so why not make it a goal to improve your financial habits? To achieve financial resolutions for the year, you have to be international. Create a realistic budget, track your expenses, and explore smart saving strategies.

Tip: Consider using a NowNow debit card to easily manage your spending limits daily, weekly, or monthly.

3. Spend Quality Time with Loved Ones

In the hustle and bustle of life, quality time with loved ones often takes a backseat. Well, this year, prioritize spending meaningful moments with family and friends. When you’re with them, be present – keep that phone away and give them your undivided attention. This goes for friends, spouses, siblings, or anyone special in your life. Savor the connections that matter most for a happier life.

4. Start a Gratitude Journal

It might sound simple but being grateful can make all the difference. To achieve this goal, keep track of all the good stuff that happened to you. Then, just before the end of each day, jot down at least 3 things (no matter how small) you are grateful for. Additionally, cultivate a positive mindset. Challenge negative thoughts by reframing them with positive affirmations.

5. Learn Something New

Keep the spark alive by constantly learning and growing. Whether it’s a new skill, taking an online course, reading a new book, starting a new hobby, the possibilities are endless. Commit to expanding your knowledge and skills, and watch how it transforms your perspective.

6. Improve Your Work-Life Balance

Achieving a balance between work and personal life is crucial. And there are plenty of ways to improve your work-life balance. For example, you could even set a goal to end work at a certain time each day and make time for activities you love. A well-balanced life is a key ingredient for overall happiness.

7. Perform a Daily Act of Kindness

Never go to bed without doing one act of charity or kindness. Start small and make progress from there.t doesn’t have to be grand – even a small gesture can make a significant impact. For instance, holding the door open for someone, surprising a friend a gift, or paying a colleague a sincere compliment. Make kindness a habit and watch how much joy it can bring to your life.

In conclusion, the journey of turning new year resolutions ideas and achieving them involves commitment, consistency, and self-compassion. Choose from any of the new year resolution ideas that resonate with your values and priorities. Break them down into actionable steps, celebrate small victories, and adjust your strategies as needed. May the upcoming year be a transformative and fulfilling one, filled with growth and success.

December 27, 2023
How to Create Payment Link On MyBiz
Payment collection is one of the things that can make or break a business-whether small or big. This is where payment link comes in.

For instance, if customers are unable to make timely payments, this could hamper the business’s growth including the merchant’s ability to restock inventory, pay salaries and invest in the necessary infrastructure.

What is Payment Link?

Payment Links is one of the simplest ways for merchants on MyBiz to speedily and efficiently collect payment. Essentially, payment link is a unique URL directing users to a secure payment page. Likewise, the customized page facilitates a specific transaction, allowing businesses to receive payments seamlessly. Hence, business owners can sell anywhere and get paid anytime without much stress.

How Do Payment Links Work?

A payment link is simple to use and involves three easy to create steps
- Payment link creation
- Link sharing
- Payment completion
The mechanics behind payment links is straightforward. When a business or merchant needs to receive a payment, they generate a payment link through MyBiz payment platform. Als, it is pretty easy to create one and it only takes minutes.

Equally, as a merchant, you can create a payment link and send it to your customers via SMS or email, or any social media messaging app to receive money from your customers anytime, anywhere. Subsequently, once the payer clicks on the payment link, it goes through to a secure payment page where details of the transaction are displayed.

What is more, with a payment link, you can offer your customers a wide range of convenient payment sources, including debit cards and transfers from bank accounts or mobile wallets. Next, let’s see how to create one.

How to Create a Payment Link from MyBiz Dashboard

As a matter of fact, creating payment link is easy. All you need to create a payment link is to login into your MyBiz app or register as a merchant on MyBiz.

Step 1: Log into your MyBiz account

Step 2: Click on Money Transfer

Step 3: Choose Generate Payment Link at the top right corner.

Step 4: Enter the Receiver Name and Amount

Step 5: Choose to share link via SMS or Email

Step 6: Add Phone Number

Step 7: Enter your PIN to create link

That’s it!

Bottom Line

To sum up, MyBiz payment links offer tremendous advantages to you and your customers. Hence, once agreed upon, customers can pay using their preferred payment source including debit cards.

Finally, If you are interested in using the Payment link feature, download and signup on MyBiz today and accept payments faster.
December 19, 2023
What Is Contactless Payment? The Ultimate Guide

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Contactless payments are gaining significant popularity as a payment method. The Raydiant report shows over 80% of retailers used contactless payment methods in the previous 12 months. If you are a merchant or business owner curious to understand what is contactless payment, how they function, the various types available, their benefits, and how to integrate them into your business, then this guide is tailored for you.

What Is Contactless Payment?

Contactless payments make it easy for customers to pay for goods and services without using cash or swiping a card on a Point of Sale (POS) device. So picture this; Imagine paying for your goodies without cash or card swiping drama. That’s contactless payments for you. They are also referred to as touchless payments, tap-and-go payments, or proximity payments. Contactless payments uses either radio-frequency identification (RFID) or Near Field Communication (NFC) technology. During a purchase, the radio waves communicate with the merchant’s payment reader within 10 centimeters or less of proximity, for payment to occur.

Types of Contactless Payments

There are different types of contactless payments consumers can use to complete transactions.

1. Contactless Cards These cards resemble traditional debit or credit cards but are embedded with an NFC chip that facilitates contactless payments as well as Chip and PIN transactions. For example, contactless cards, such as the NowNow debit card. They are also known as tap-to-pay cards and can be used by either swiping or tapping the card on a compatible terminal.

2. Mobile Wallets and AppsMobile wallets and apps enable users to securely store their payment card information on their smartphones. For instance, Apple Pay, Samsung Pay, and Google pay are examples of contactless mobile payments apps.

Users can turn their smartphone into a contactless payment device. This allows users to use their smartphones instead of physical contactless cards for payments.

3. Wearable Devices Wearable devices like smartwatches, fitness trackers, and even jewelry such as wristbands, necklaces, rings, and earrings can be used for contactless payments. Once RFID technology is applied to these devices, they can be tapped near a payment terminal to complete transactions.

Advantages of Contactless Payments

1. Fast Transactions

Contactless payments are notably faster than other payment methods. Transactions can be completed within seconds, aligning perfectly with the fast-paced world where time-saving is crucial.

2. Security

Contactless transactions are highly secure and encrypted, ensuring the safety of payment information against fraud. The use of passwords for digital wallets adds an extra layer of security.

3. Convenience

Customers no longer need to enter a four-digit PIN for every transaction. They can simply wave their card within 10 centimeters of the payment terminal to make payments. Additionally, they can securely pay using their smartphones, leaving their physical cards at home.

4. Very Hygienic

Pre-contactless era, you’d need to reach for your wallet, hand over cash, and get change—all of the above involves touchy transactions.

Now, with contactless payments, you sail through the process without touching a thing. No passing cash, no exchanging cards.

5. Enhanced Customer Experience

Contactless payments provide an improved checkout experience for customers due to their speed and efficiency.

Disadvantages of Contactless Payments

Despite their advantages, contactless payments do have some drawbacks:

1. Limited Acceptance

Contactless payments may not be widely accepted, particularly among small businesses with budget constraints. Additionally, issues such as smartphones or cards lacking NFC capabilities can hinder adoption.

2. Transaction Spending Limits

Banks often impose limits on the amount that can be spent using contactless payments from an account.

Is Contactless Payment Safe?

Contactless payment methods are considered safer than traditional payment methods. Contactless cards use EMV technology, which is more secure than older magnetic stripe (magstripe) technology. Digital wallets also employ password protection as an additional security feature. This eliminates the need for cardholders to carry their physical cards, reducing the risk of loss or theft.

How to Accept Contactless Payments

If your business already accepts credit card payments, integrating contactless payments into your POS system is relatively straightforward. Many terminals are already equipped to accept contactless payments.

We can help

NowNow helps you accept payment easily, and receive instant payment alerts from your customers. Find out how you can use MyBiz solutions to set up multiple payment options like POS, QR code stickers, TapTap contactless payments and mobile wallet for your business

Bottom Line

To summarize, Contactless payments offer benefits for businesses of all sizes, providing fast and secure transactions that enhance customer satisfaction. With the increasing popularity of contactless payments, it makes sense for merchants to know what is contactless payments and consider including them as part of their payment options for customers.

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Download the NowNow app today to enjoy the New New way to bank

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November 29, 2023
8 Ways To Use Your Virtual Card Wisely

In today’s world of finance, the less personal information you share online, the better. Hence, a virtual card is a secure, safe and convenient way for you to pay online. In this blog post, we will explore what virtual cards are and how to use your virtual card wisely without compromising convenience.

What Is A Virtual Card?

A virtual card is a digital alternative to a physical debit card. Surprisingly, Allied market research, says global virtual card market is valued at $281.22 billion in 2021 and expected to grow up to $1.893.08 trillion by 2031. Armed with a unique 16-digit card number, CVV, and expiry date, a virtual card is designed for online transactions. What’s more, it provides an added layer of security against fraud.

How To Use Your Virtual Card Wisely

1. Shop Online with Confidence

Using virtual cards, like the NowNow virtual card, is perfect for secure online transactions, from e-commerce purchases to online courses to booking rides. Safeguard your privacy and security while completing transactions effortlessly.

2. Set Smart Spending Limits

Take control of your budget by using your virtual card to set custom daily, weekly, or monthly spending limits. Avoid overspending and stay within your financial boundaries.

3. Effortless Expense Tracking

Virtual cards are a lifesaver, as they can bе usеd to monitor real-time expenses for real-time expense monitoring. Track your spending habits conveniently through mobile apps, gaining a clear understanding of your financial habits.

4. Make In-Store Purchases

Believe it or not, you can make in-store payments with your virtual card. Look for stores supporting contactless payments, allowing you to tap with your mobile for seamless transactions.

5. Subscription Payments Simplified

Easily pay for subscriptions like gym memberships or streaming services through your virtual card. Set up the card for specific recurring payments and, if needed, delete it when you decide to end the subscription.

6. Enhanced Account Security

Enjoy an extra layer of security with virtual cards. Block or terminate your card instantly through your mobile app if you detect any fraudulent activity, ensuring your financial safety.

7. Digital Wallet Integration

Seamlessly integrate your virtual card with popular digital wallets like Google Pay, Apple Pay, Samsung Pay, or the NowNow mobile wallet. Enjoy contactless payments at physical stores that embrace these digital payment methods.

Experience the benefits of virtual cards with NowNow cards

Get a free NowNow virtual card and embrace the new new way to bank. View your NowNow virtual card details and get complete control to pay anywhere, anytime, set spending limits, enjoy 3D security, and more. Step into the world of NowNow cards, where your financial freedom awaits.

Bottom Line

In conclusion, the versatility of virtual cards extends from online shopping to secure subscriptions and contactless payments. Embrace the future of payments where security and convenience coalesce, transforming transactions into a seamless part of your digital journey.

November 28, 2023
NowNow Partners With PlanetPlay — Get 500MB Free For Your Next Game
Are you a gaming guru? Do you love to play games and are on the lookout for where to download your next game? Well, we’ve got some exciting news for you. NowNow partners with PlanetPlay, the world’s first climate-conscious game marketplace, to introduce something truly epic – the EcoDonate platform, to level up your gaming experience.

A Better Way To Play & Save The World

At NowNow, we take pride in making life easier and more convenient for all our customers. We give you complete control of your money. Hence, our teaming up with PlanetPlay gives you an awesome way to play your favorite games and save too! What’s more, by downloading games on the PlanetPlay marketplace, you’re also supporting environmental projects, like the Hongera Clean Cookstove Project in Kenya. Infact, it’s like being a gaming superhero with a side hustle of saving the earth!

So, What’s the Deal?

Starting from November 15, NowNow users get a special bonus. If you sign up on PlanetPlay, you receive 500MB of data for free – yes, you read that right! As a NowNow customer, you’ll find this fantastic deal waiting for you in your wallet.

How to Claim This Special Offer

If you’re a fan of top games like Subway Surfers, here’s what you need to do;
- Log into your NowNow app.
- Then, scroll down and tap the “Get 500 MB” image.
- You’ll be redirected to PlanetPlay; sign up there.
- Once signed up, a code will be sent to you. This code can be used to snag 500 MB for free in your NowNow app.
There you have it – get your game face on, gamers! Let’s play for the planet and make a real impact.

In conclusion, NowNow partners with PlanetPlay to give 500MB free data to download your favourite games. If you don’t have a NowNow wallet yet, no worries! Download NowNow app on Apple store and Play Store and sign up in minutes to jump on board this sweet deal from NowNow partnership with Planetplay. Happy gaming!
November 27, 2023
Spending More For Better Quality: Is It Worth It?
In a world full of purchasing choices, it’s easy to get caught up in getting a good bargain. Of course, we all want to save money, but have you ever stopped to consider whether that cheaper purchase is truly the most economical choice? To help your spending decisions, we’ve compiled five important questions to help you decide if spending more for better quality is worth it.

Key Takeaways
- Consider the value over the cost: Think long-term instead of price.
- Buying quality can be justified for items frequently used in your daily life.
- Durability is key: If the cheaper option will lead to frequent repairs or replacements, don’t buy
- Not all expensive options guarantee better quality
- Prioritize purchases that align with your values and financial goals.
5 Questions to Decide Between Quality Or Saving Money

1. How Often Are You Going to Use It?

Think about how frequently you’ll use the item or service before making a purchase. For example, if your job requires you to wear a suit regularly, it makes sense to spending more for a better quality suit. A good suit gets you the respect you need to talk to clients and boost your confidence. But if you’re only wearing a suit a couple of times a year for special occasions, splurging on a high-end brand may not be a wise choice.

2. How Long Will It Last?

Start by asking if the cheaper option will need frequent repairs or replacements. There’s no point in buying a budget blender that needs constant fixes. Especially if you cook regularly and need to use the blender often. In the long run, a durable and more expensive model can save you money—you don’t have to buy 2 or 3 blenders every year when you get one that is durable and reliable for your needs.

3. Is There Really a Difference?

Let’s clear this up: not all expensive options guarantee better quality. Don’t mistake price for quality. Sometimes, the more expensive product might not offer significantly better value, making the cheaper option the smarter choice. Instead of going by the price or brand name, compare product features and read reviews before committing to a purchase. Let the features or durability be worth the cost.

4. Will It Enhance Your Quality of Life?

Before splurging on anything, consider how the purchase will impact your daily life. Will it make you more comfortable, convenient, or overall happier?

Investing in an orthopedic mattress can enhance your sleep quality, leading to better overall health and well-being. In this case, it’s absolutely worth the higher price.

5. How Will It Impact Your Financial Goals?

If you’re planning a wedding, spending more on a professional photographer might be justified to capture precious memories without compromising other aspects of the event. Can you find a way to incorporate this expense into your financial plan? Before making a decision, ensure that the purchase complements your financial goals and doesn’t disrupt your financial stability.

Bottom Line

Our spending choices and the questions we ask ourselves before buying can help us make a smart buying decision. ” By thoughtfully considering these five questions – how often will I use it, how durable it is, the features worth the cost, what their real value is, and the impact on quality of life—you can make informed choices.

It’s good spending more on better quality things if it make you happy but if sometimes, it’s just not realistic. If having these questions in mind isn’t enough to curb impulsive spending, consider using a card like the NowNow debit card, to set daily, weekly, or monthly spending limits.
November 8, 2023
Managing Inflation: Increasing Prices Without Losing Customers
Inflation is on the rise—and it’s affecting everyone including individuals, businesses, and governments. The National Bureau of Statistics, September 2023 report, shows inflation rate increased to 26.72% from 25.80% in August. This is a major challenge as business are struggling on how best to go about increasing prices without losing customers.

As prices for goods and services continue to rise due to inflation, small and medium businesses have no choice but to raise their prices. However, if not done right, it can chase your customers away, reduce sales, and affect your business bottom line.

We asked seasoned experts, how to balance increasing prices during inflation without losing your customers. Here are their answers.

Key Takeaways
- Rising inflation affects individuals, businesses, and governments.
- In September 2023, Nigeria’s inflation rate increased to 26.72% from 25.80% in August.
- Price increases are necessary during inflation, but prioritize personalized customer experiences.
- Instead of raising prices alone, provide additional benefits and loyalty programs.
- Recognize different customer buying ability and offer product options.
- Focus on delivering value and creating a strong brand image, emphasizing quality.
5 Ways To Raise Prices Without Losing Customers

1. Improve Customer Experience

Customers are likely to pay more for goods or services if you have a good customer relationship and sell quality. So, focus on giving your customers the best experiences. Build a personal rapport with them. ‘‘Little things like sending sms on birthdays or even remembering their names, can create a more personal connection with customers’’. All these little things will help justify your prices and the special treatment will make them feel valued and keep them coming back to your business. Dr Cynthia, Eye Clinic, Solid Rock Hospital, Ojodu.

2. Offer something new to excite your customers.

Don’t just increase your price, give them something more for what they are paying. In addition, ‘‘businesses could offer brand loyalty schemes and discounts to encourage customer loyalty and repeat business. For instance, offer to install a free Microsoft package when customers come and buy a laptop’’. These types of value-added services will increase brand loyalty and your customers ‘confidence level that you sell quality at the best price. Tayo- Business Analytics, NowNow

3. Provide Options

There are different folks for different strokes. As prices increase, there are customers who will buy because they know things have increased while others who are very sensitive to pricing changes, will not. ‘‘Before, I used to sell only a limited number of items, but now I offer a wide range of products. If you can’t buy this item, you can buy something else’’. Have varieties or alternatives to cross-sell and upsell to different customers who may be price sensitive- Angela, retail store owner.

4. Build a Positive Brand Image

Nigeria and world economics are not smiling on businesses, especially for private businesses. At some point you have to raise prices to keep your business running. ‘‘Speaking from the educational sector, I survey what schools of the same standards or slightly higher than mine are doing. I make sure I give high quality but then I do not charge so much like them. Also, I prioritize children’s education and the welfare of teachers’’. All these go a long way to build a strong brand image for the school where parents see they are getting value for their children instead of focusing on high prices. Joyce Umana, Grace Brooke Schools Proprietress.

5. Invest in Technology

Increasing prices is a necessary step in navigating inflation, but ensuring smooth and personalized customer experiences is equally important, to unlock the success of your business. Consider upgrading to a payment solution such as MyBiz, that offers a range of payment options like POS, QR Code stickers, and TapTap contactless payments. This ensures your customers can transact and pay you with ease.

We can help

NowNow helps you accept payment easily, and receive instant payment alerts from your customers. Find out how you can use MyBiz solutions to set up multiple payment options like POS, QR code stickers, TapTap contactless payments and mobile wallet for your business

Bottom Line

Raising prices can help manage your business expenses, but it can upset customers if your product or service doesn’t match the price. This is why increasing prices without losing customers must be strategic. However, if you increase prices alongside and improve what you offer, your business value will not just justify the higher cost but also make the customer experience better.
November 7, 2023
Unwrap the Secrets to Christmas Sales Success for Small Businesses.
The holiday season isn’t just any season; it’s a small business owner’s dream come true. It’s that time when your business can get new customers, rake in the money to achieve christmas sales success. With millions of shoppers worried about money and seeking to take advantage of the best deals, your opportunity to secure your slice of the holiday sales pie is here. But, there’s a catch – early preparation is your secret ingredient to success.

The 2023 Shopify-Gallup Holiday Report reveals that 24% of shoppers are planning their holiday shopping as early as September and 41% before November

Now, let’s unwrap the secrets of getting your small business holiday-ready.

Key Takeaways
- Early preparation is crucial for small businesses who want to attain Christmas sales success, as millions of shoppers seek deals.
- Analyze last year’s and early months’ sales data to identify best-selling and slow-moving items.
- Price your products competitively to keep customers coming back.
- Decorate your physical and online store with festive decorations to attract customers.
- Offer irresistible discounts and create a sense of urgency with limited-time sales.
- Promote your discounts and special offers on various platforms, including social media and paid ads.
7 Tips To Prepare Your Small Business Ready For Christmas Sales Success

1. Analyze Last Year’s Data

Start by analyzing last year’s sales records, and don’t forget to check this year’s early months too. This will help you identify your best-selling items and those that are not selling as quickly as you would like.

2. Stock up Your Store

Now that you know your best-sellers, it’s time to stock up .Don’t forget those items that customers have been asking for! Strike the perfect balance, ensuring you meet customer demand without being left with too many leftover stocks after the holiday season.

Tip: Restock on time to avoid buying at higher prices.

3. Competitive Pricing

Set your prices thoughtfully. Be sure your prices are competitive, neither too high nor too low. This way, keeps your customers coming back for more.

4. Decorate Your Store

Get into the holiday spirit and give your store a festive makeover. Deck the halls with Christmas trees, bells, lights and stockings – it’s like a beacon that draws the attention of passersby. If you have an online store, add Christmas-themed banners, and Christmas trees GIF. Spread the festive cheer to all customer touchpoints.

5. Hire and Train Staff

Don’t let the holiday rush overwhelm you. Hire extra staff to keep things running smoothly. But don’t stop at hiring – make sure to provide them with the right training. Train all your staff on talking to how to assist customers, your discounts, selling to upselling, cross-selling, and even spotting shoplifters.

6. Set Your Holiday Store Hours

In the holiday season, consider extending your opening hours, including weekends. The longer you’re open, the greater the chances that someone will walk in and make a purchase from your store.

7. Promote Slow-Moving Items

Turn those slower-moving items into opportunities. Offer bundle deals, discounts, and freebies to attract customers and while getting rid of old stocks for the new year.

8. Offer Irresistible Discounts

Shoppers love a good deal. Stand in a competitive market by offering mouthwatering discounts that will make them choose your store

Tip: A limited-time sale can create a sense of urgency and make them shop from you.

9. Promote Your Discounts

Advertise on Facebook, Instagram, Telegram, WhatsApp, and paid ads to spread the word about your discounts, free delivery, and free gifts. Draw in both new and returning customers with your fantastic offers.

10. Do Giveaways

Show appreciation to your customers with thoughtful gifts – it doesn’t have to be expensive! A simple carrier bag or beautiful bowl can go a long way in showing your appreciation. Stand out from the crowd and make your customers feel special.

11. Plan for Multiple Payment Systems

Don’t limit your payment options to cash or bank transfers – include POS systems, QR code stickers, and contactless solutions. MyBiz by NowNow, makes it effortless for customers to pay in the way that suits them best.

BottomLine

In the holiday season, shoppers are ready to splurge, so don’t miss out by waiting too long to prepare. Don’t procrastinate and find yourself lagging behind the competition. Start early, implement these tips, and watch your small business sales ring to the sound of sleigh bells – the sound of success.
October 25, 2023